Paragon Offshore plc (fka PGNPQ)

[gta3uzi]

Yeah, between hiring Lazard & Weil, Gotshall & Manages, and now quietly issuing an 8-K pertaining to the Key Employee Retention Plan it's getting harder and harder to ignore the potential of a looming bankruptcy.

There are certainly alternate explanations for everything, but the force is strong with the bankruptcy arguments. Radioshack announced a KERP only a quarter or so before they filed, IIRC.

(Full disclosure, I'm long PGN. If it survives it's going to be unreal. If it goes to court, well, I knew that was a possibility from the beginning.)